MOSCOW: The Russian rouble firmed after hitting a one-month low in light trade on Monday, while the benchmark MOEX stock index rose towards a one-month high, spurred by higher oil prices on the first trading day of 2022.
At 1042 GMT, the rouble gained 0.6% to 74.26 versus the dollar after briefly touching 75.1975, a level last seen on Nov. 29.
Versus the euro, the rouble firmed 0.2% to 84.34 .
Rouble volatility is exaggerated by low trading activity that is expected to recover to regular levels only after Jan. 10, the end of Russia’s New Year holidays.
The rouble has been under increased pressure since October as Western nations have expressed concerns about Russia’s military build-up near neighbouring Ukraine.
President Joe Biden said last week he told his Russian counterpart Vladimir Putin that a move on Ukraine would draw sanctions and an increased US presence in Europe.
On Sunday, Biden told Ukraine’s President Volodymyr Zelenskiy the United States and its allies will “respond decisively” if Russia further invades Ukraine.
Brent crude oil, a global benchmark for Russia’s main export, rose 1.6% to $79.01 a barrel, supported by tight supply and anticipation of demand recovery in 2022 based in part on a view the Omicron coronavirus variant is unlikely to significantly dampen the outlook.
Russian stock indexes were up.
The dollar-denominated RTS index gained 2.6% to 1,636.8 points, its highest since Dec. 9. The rouble-based MOEX Russian index climbed 1.9% to 3,859.9 points, a level last seen on Dec. 8.
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